"Illicit financial flows are a major facilitator of poverty, crime, and corruption in both developed and developing countries," said Raymond Baker, director of Global Financial Integrity, a Washington D.C.-based research and advocacy organization. "Tax haven secrecy drains nearly $1 trillion from developing countries each year. This is money that could have been spent on health care, education, and infrastructure in the world's poorest countries while simultaneously shoring up budget deficits in Europe and the United States. The CUT Loopholes Act would be a tremendous step forward in curtailing these damaging illicit financial flows,”
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The groups contend that there is broad support among American voters for closing offshore tax loopholes to deal with budget problems. In a December 2012 national poll conducted by the Mellman Group and commissioned by Friends of the Earth U.S., a 75 percent majority of American voters said they favor closing offshore tax havens as a way of addressing our national budget problems. Support for this proposal was high across party and ideological lines, as well as gender, race, educational background and region.
Respondents were asked: “To help solve our budget problems, do you favor or oppose closing loopholes that allow corporations to declare profits in foreign countries that have a lower tax rate?” Fully three-quarters of voters favored the proposal with nearly two-thirds favoring it strongly.
The FACT coalition has made several reports, resources and survey results available to support its contention that corporate tax breaks are raiding the U.S. Treasury, harming small businesses and developing countries, and are kept in place by campaign contributions and lobbying.